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Tuesday, October 30, 2018

Drowning In Student Loans? Move To Maine!

In a bid to attract new residents, Maine has the ultimate incentive for those drowning in student loans; move there and they'll help pay them off.

The catch? You have to make enough money to pay taxes - unless you're a STEM major!

The Educational Opportunity Tax Credit program was originally established in 2008 as a retention tool targeting young professionals living in Maine, which allowed them to use their student loan payments as tax credits.

Thanks to a labor shortage, however, the program's pitch evolved to lure qualified employees to the state.

When you move to Maine, the money you spend toward paying your student loan debt each year is subtracted from your state income taxes.

For instance, if you pay $1,800 toward your loan and owe the state $2,000 in taxes, you'll only end up paying Maine $200. -CNN

"Over time, the employer community spoke out loud and clear that even if 100% of college graduates in Maine chose to stay here and work, that still (wouldn't) fulfill our workforce need," Nate Wildes, engagement director for "Live + Work in Maine," told CNN.

"We need to import people," Wildes said. "We need to attract people from other states for our workforce"

STEM majors, meanwhile, who specialized in Science, Technology, Engineering and Math, may even receive money back from Maine:

STEM majors -- who study science, technology, engineering and math -- could even get a check back from the government -- if their loan payoff amount outweighs their taxes. Non-STEM majors fall under a non-refundable tax credit program, which means they'd owe $0 in state taxes under the same scenario. -CNN


1 comment:

Anonymous said...

5 months out of the year, Portland is absolutely beautiful. The remaining 7 months its brutal.